Vodafone Idea shares surged 14 per cent on Monday morning after the struggling telco's Rs 30,000 crore deal with Nokia, Ericsson and Samsung.
The stock spiked as high as 11.73 per cent to Rs 11.71 on the BSE while it zoomed 14 per cent to Rs 11.94 on NSE.
In what seen as the largest such deal this year, Vodafone Idea awarded the tech giants contracts to supply 4G and 5G network equipment for three years.
Vodafone Idea on Sunday said it is the first step of the operator's Rs 55,000 crore capital expenditure plan, which is directed towards expanding the 4G coverage primarily. The cash-strapped teleco hopes to increase its 4G subscribers from 1.03 billion to 1.2 billion.
It is also planning to launch 5G in key markets. The supplies are expected to begin in the upcoming quarter beginning October.
Vodafone Idea CEO Akshaya Moondra said the telecom company has begun the investment cycle as it continues to invest in emerging network technologies, adding that it will stage a smart turnaround to participate in the industry growth opportunities.
VIL has been partnering with Nokia and Ericsson for a long time while Samsung is a new entrant.